MoneyHash and Spare announced a strategic partnership yesterday to enhance open banking in the UAE and enable merchants to offer the ‘Pay by Bank’ feature to their customers. MoneyHash is a leading payment hub for emerging and global markets, and Spare is a regional open finance solutions provider compliant with GCC’s open banking regulations.
Here’s the full detail of the recent partnership and how it will impact the merchants and the customers for quick and easy payments.
What is the Pay By Bank Feature?
The ‘Pay By Bank’ feature leverages open banking payment initiation APIs to facilitate secure, account-to-account transactions directly from a customer’s bank account. This method bypasses traditional card networks, leading to lower transaction fees for merchants and often faster settlement cycles. For consumers, it offers a secure and streamlined payment process, enhancing convenience and trust in digital transactions. This partnership is set to make account-to-account payments more accessible, driving the evolution of digital payments in the UAE.
Open Banking in the UAE – Nebras and More
The UAE is actively pursuing the advancement of its digital financial infrastructure, with initiatives like Nebras (the UAE National Open Banking Framework) laying the groundwork for a more interconnected and efficient financial ecosystem. This regulatory alignment provides a fertile ground for partnerships such as the one between MoneyHash and Spare.
As businesses across the region explore new ways to optimize payment costs, enhance customer choice, and improve operational efficiencies, open banking is emerging as a critical component of modern payment strategies. Through this collaboration, MoneyHash reinforces its commitment to supporting innovation and contributing to the broader development of secure, compliant, and efficient payment practices that align with the growing landscape of open banking solutions in the GCC.
How Will This Partnership Benefit Users?
For Businesses and Merchants
- Reduced Operational Costs: By utilizing ‘Pay By Bank’ solutions, businesses can bypass traditional card schemes, significantly lowering transaction fees and processing costs.
- Accelerated Cash Flow: Account-to-account (A2A) transfers enable shorter settlement times, ensuring that funds reach merchant accounts faster than traditional credit card cycles.
- Seamless Integration: Merchants can access advanced open banking infrastructure through a single API, reducing the technical complexity of implementing new payment methods.
- Enhanced Control & Scalability: The partnership provides a unified dashboard for complete operational control, allowing businesses to scale across the GCC’s diverse markets with ease.
For Consumers and End-Users
- Optimized Privacy: Account-to-account payments limit the number of intermediaries handling sensitive financial data, keeping personal information more private.
- Frictionless Checkout Experience: Customers can complete transactions directly via their banking apps, removing the need to manually enter long card details or sensitive information.
- Increased Security & Trust: Payments are authenticated through the customer’s own bank’s secure environment, utilizing biometric or multi-factor authentication for every transaction.
- Greater Payment Choice: Users gain access to modern, bank-based payment alternatives that are often more convenient and transparent than traditional methods.
About MoneyHash
MoneyHash is the leading payment orchestration platform built for emerging and global markets, delivering infrastructure-level payment solutions that mirror AWS’s approach to cloud computing. The payment orchestration software enables multiple payment gateway integrations through a single API, offering smart payment routing, multi-currency payment processing, and a unified dashboard for complete operational control. MoneyHash empowers businesses to turn payment complexity into a competitive advantage, delivering the flexibility and scalability needed to scale across one of the world’s most diverse and fastest-growing digital markets. Learn more at http://www.moneyhash.io.
About Spare
Spare is a leading Open Finance infrastructure company that is redefining financial connectivity by enabling businesses to build, scale, and innovate faster. Through a single, secure API, Spare provides seamless connectivity to financial institutions, giving enterprises and fintechs instant access to financial data and payment services. Spare’s platform is fully compliant with local regulatory requirements in the markets it operates in, making it a trusted partner to enterprises, SMEs, and fintechs. Based in Saudi Arabia, Spare also operates in Bahrain, the UAE, and Kuwait.
Final Thoughts
The collaboration between MoneyHash and Spare signifies a crucial step forward in strengthening the financial infrastructure of the region. By expanding access to alternative payment technologies and encouraging broader adoption of open banking standards, both companies are committed to supporting payment transformation across the GCC.
This partnership reflects a shared belief that Open Banking in the UAE will play an increasingly central role in shaping how payments, financial data, and digital commerce evolve, paving the way for more efficient and customer-centric financial experiences across the region. The future of digital payments in the GCC looks set for significant growth and innovation.